The following description relates to identification of trading parties, such as customers, suppliers, shippers, and carriers, that may appear on one or more lists of parties with whom a company should not, for various reasons (e.g., restriction treatises, laws, or regulations) conduct business.
Businesses face increasing pressure to provide products to their customers as quickly as possible for the lowest possible cost. For companies that ship products on a very large scale, it can become very difficult to manage and track inventory that is in-transit. International trade brings about even greater pressures and complexities. For example, the transactions may have to be conducted in multiple languages, with multiple currencies, while complying with multiple sets of laws. Cross-border transactions also generally require customs clearance, and each cross-border transaction can often involve many different parties.
Various countries also publish, by legislation or regulation, lists of individuals or organizations with which trade may not be legally conducted. These regulations put increased legal responsibilities on parties delivering and receiving products both within a country and across national borders, to know the identities of the parties with whom they are dealing. Failure to comply with a country's requirements could result in penalties and fines, and could possibly bar a company from further trade. Sanctions may also include the denial to a party of the benefit of export licenses, loans, government bonds, or funds. They may also include the restriction of services, such as assistance in the import or export of goods, or the sale of goods to a particular government.